Thailand Cracks Down On 'Unauthorized' Crypto Platforms
The post Thailand Cracks Down On 'Unauthorized' Crypto Platforms appeared on BitcoinEthereumNews.com. In line with global regulatory trends, Thailand is tightening its oversight of the cryptocurrency sector by primarily targeting unauthorized crypto platforms. Regulatory Action Thailand’s Securities and Exchange Commission (SEC) is taking decisive action against unregistered digital asset service providers. In coordination with the Ministry of Digital Economy and Society, the SEC will block access to these unauthorized platforms. The decision, announced after a meeting of the Technology Crime Prevention and Suppression Committee on April 19, signals the government’s commitment to combat online financial crime. Notably, popular offshore exchanges like Binance, Coinbase, KuCoin, Kraken, and OKX operate without legal approval in Thailand. Despite their popularity, these platforms will close once the ban is enforced. Public Advisory To mitigate the impact on investors, the Thai SEC has issued a warning urging individuals to withdraw their funds from unregistered platforms before the ban comes into effect. The SEC emphasizes the risks associated with using services from unlicensed operators. Investors are encouraged to verify the registration status of platforms using the SEC Check First application. The warning stated, “The SEC would like to warn the public and investors to be careful of using services with unlicensed digital asset business operators because they will not be protected by law. There is also the risk of being deceived (scam) and being (associated with) money laundering.” Global Precedents The decision taken by the Thai authorities follows similar actions taken by India and the Philippines against offshore exchanges. India’s Financial Intelligence Unit (FIU-IND) recently sanctioned several offshore crypto exchanges for illegal operations and non-compliance with local regulations. Binance, OKX, Kraken, and Bitfinex were among the platforms affected, facing restrictions and denial of investor access. In the Philippines, the Securities and Exchange Commission restricted local access to Binance platforms, citing the lack of proper licensing. Beyond exchanges, regulatory scrutiny…
The post Thailand Cracks Down On 'Unauthorized' Crypto Platforms appeared on BitcoinEthereumNews.com.
In line with global regulatory trends, Thailand is tightening its oversight of the cryptocurrency sector by primarily targeting unauthorized crypto platforms. Regulatory Action Thailand’s Securities and Exchange Commission (SEC) is taking decisive action against unregistered digital asset service providers. In coordination with the Ministry of Digital Economy and Society, the SEC will block access to these unauthorized platforms. The decision, announced after a meeting of the Technology Crime Prevention and Suppression Committee on April 19, signals the government’s commitment to combat online financial crime. Notably, popular offshore exchanges like Binance, Coinbase, KuCoin, Kraken, and OKX operate without legal approval in Thailand. Despite their popularity, these platforms will close once the ban is enforced. Public Advisory To mitigate the impact on investors, the Thai SEC has issued a warning urging individuals to withdraw their funds from unregistered platforms before the ban comes into effect. The SEC emphasizes the risks associated with using services from unlicensed operators. Investors are encouraged to verify the registration status of platforms using the SEC Check First application. The warning stated, “The SEC would like to warn the public and investors to be careful of using services with unlicensed digital asset business operators because they will not be protected by law. There is also the risk of being deceived (scam) and being (associated with) money laundering.” Global Precedents The decision taken by the Thai authorities follows similar actions taken by India and the Philippines against offshore exchanges. India’s Financial Intelligence Unit (FIU-IND) recently sanctioned several offshore crypto exchanges for illegal operations and non-compliance with local regulations. Binance, OKX, Kraken, and Bitfinex were among the platforms affected, facing restrictions and denial of investor access. In the Philippines, the Securities and Exchange Commission restricted local access to Binance platforms, citing the lack of proper licensing. Beyond exchanges, regulatory scrutiny…
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